Stocks to watch: Far East Orchard, Hwa Hong

THE following companies saw new developments that may affect trading of their securities on Wednesday (Jun 15):

Far East Orchard (FEOR): The real estate company said in a bourse filing on Tuesday that it has acquired a plot of land in Bristol through a joint venture with Woh Hup Holdings and Way Assets to develop a student hostel in the English city. FEOR will have an effective 42.5 per cent interest in the development, and its share of committed capital is £13.3 million (S$22.5 million). The counter ended Tuesday flat at S$1.09, before the news.

Hwa Hong Corporation : The revised offer of S$0.40 per share to privatise property player Hwa Hong Corporation is “fair and reasonable”, according to Provenance Capital, the independent financial adviser to the deal, on Tuesday. It advised the directors to recommend shareholders accept the offer from Sanjuro United, even though this represented a 20.8 per cent discount to the adjusted revalued net asset value (RNAV) of the group of S$0.5052 per share. The counter ended Tuesday flat at S$0.40, before the announcement.